Forex Market News

Rupee Is Likely To Trade Sideways To Lower

US Dollar Index traded lower by 0.01 percent in the last week. Events such as the US Presidential debate and speech by the Federal Reserve Chair woman kept the markets on a cautious mode. The Presidential debates are very important as half of America’s likely voters rely on them to make their likely Presidential choice in the November 8 election.
Moreover, the Federal Reserve chairwoman, Janet Yellen gave no clear indication with respect to rate hike timings. She said that there was “no fixed timetable for removing” the accommodative stance of monetary policy. At the same time, she made clear about not wanting to keep interest rates at the same levels for long.
Continued job gains would prompt the Americans to spend thereby pushing up the inflation rate. She ended the speech by saying that the future course of rate hikes will be data dependent. All the above factors influenced the market minds there by denting the demand for the DX which made a weekly low of 95.15 and closed at 95.39 levels on Friday.
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